Posted on 04/23/2006 8:52:03 PM PDT by HAL9000
Excerpt -
Venezuelan President Hugo Chávez is planning a new assault on Big Oil, potentially taking a major step toward nationalization of Venezuela's oil industry that could hurt oil-company profits, reduce production and put further pressure on global oil prices.Venezuela's Congress, made up entirely of Mr. Chávez's allies, is considering sharply raising taxes and royalties on foreign companies' operations in the Orinoco River basin, the country's richest oil deposit. Major oil companies like Exxon Mobil Corp. and ConocoPhillips of the U.S. and Total SA of France have invested billions of dollars there to turn the basin's characteristically tar-like oil into some 600,000 barrels a day of lighter, synthetic crude.
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(Excerpt) Read more at online.wsj.com ...
Hugo's at it again!
So is Arlen Spector, and Republican and Democrat goons in Congress.
Boycott Citgo.
Alternative energetics - coal-to-oil conversion. it is high time to tell this pineapple and the ME types where to go and what to do once there.
Headline tomorrow in early morning reads: "Oil hits $ 80 on speculation over Chavez threats." By the afternoon, gas stations will be raising prices again. Early next month shelf prices for everything will be up another 15%. Yada, yada, yada. "Nothing to see here. Same old, same old. Time to move on."
This will make quite a few people on FR very happy!
Good! Then let's US sieze CITGO and all the 7-11 Stores!!! That'll teach the little Carter installed tin horned bastard dicktator!!!
I feel like Rip Van Winkle. Who is that and why is that???
(Light, sweet crude for June delivery fell 48 cents to $74.69/barrel in Asian electronic trading on the New York Mercantile Exchange.) The day session could prove another story contingent on market related news developments.
Summer of soaring petrol prices as G7 warns of economic slowdown
Recall the real-estate pushers keep telling us nothing will slow down the housing boom - no matter what price oil reaches....yea right, and there is a rather large bridge for sale in Brooklyn :)
All the folks who have whined about the Exxon CEO's retirement package and how oil prices are helping to fund it.
I'm sure Chubby pulling a fascist one on "big oil" in Venezuela will put a smile on their face.
It's good you pointed that out. I did not have a more up to date chart. All the more reason to get off being hooked on OPEC oil.
And of course it is:
Bush's fault.
I thought he had already nationalized the oil production facilities.
Love the word "Nationalize". Just a dressed up word for STEALING , IMO.
Well, that's not really true....lots of people were taking bundled Mexican Mayan heavy (about 22 degrees API, slightly sour) in order to get the Reforma Light (about 43 degrees, and sweet). It's just a matter of the yield being a lot more valuable from a barrel of Reforma Light or Louisiana Sweet Light than from a sour or heavier crude.
Canadian heavy Lloydminster is so dense that people have to drill the lows to look for it -- it's about 12-16 degrees API ; and the Athabaska Tar Sands product is about six degrees. The Venezuelan stuff is in between the Athabaskan and the Lloydminster oils, gravitywise. Very heavy, but just keep adding hydrogen and you've got yourself a very refinable barrel.
Some of the Louisiana and northern Mexican liquids co-produced with natural gas (sometimes the reservoir is a single-phase fluid intermediate between gas and oil, and it phase-separates on its way out of the hole, as pressure is released, like Coke fizzing), usually called "condensate" (accent on the first syllable), is transparent pale yellow or white and has API gravities north of 60 degrees. That will burn in your gasoline engine -- though you wouldn't, because it would ping a lot and the co-produced metals, including e.g. vanadium (a hardening agent) would cause your rings to harden up and scuff your cylinder walls, and also to become more brittle, possibly cracking at higher RPM's.
Cuba, Venezuela to Refurbish Oil Refinery
Iran-Venezuela Oil Cooperation
Oil Producers, Consumers Say Prices Will Stay High for Years
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